Question: If I've got a little extra money that I'd like to use responsibly to pay off one of my debts, which is the better one to put it towards: Should I pay off my car loan early or my mortgage? Ahhh … the old “which of my debts do I pay down first” debate … We tend to carry a lot of them in our society. According to a 2017 report from GoBankingRates, the top three forms of debt for most people are their mortgage (65%), credit cards (50%), and auto loans (32%). Usually questions like this are a no-brainer. Simply look to your loans with the highest interest rate and pay those off first. That means tackling your high-interest debt like credit cards and student loans. But what about our auto loans and mortgages? When it … [Read more...] about Should I Pay Off My Car Loan Early or My Mortgage?
Another Expense Reduced – Refinancing Your Auto Loan
It wasn’t one week after we closed on our mortgage refinance that my wife and I got our next “big break” on our expenses. As I’ve spoken about before, part of my annual budget is to pick a handful of expenses each year and see what I can do to reduce them. Sometimes this takes a fair amount of work and research as was the case with the mortgage refinance. But ironically, this next one came from an unlikely source: Junk mail. … [Read more...] about Another Expense Reduced – Refinancing Your Auto Loan